sarah weinman of "publishers marketplace" and bob minzesheimer of "usa today," we appreciate your time today on booktv. ..

>> for complete scheduled visit booktv.org. >> co-founder of freedom fest, one of the largest libertarian conferences in the u.s. talked to book tv about the fast and his book "the making of modern economics." this is about 20 minutes. >> you're watching book tv on c-span2. we are on location in las vegas. in annual event organized by

this author, mark stousen. tell us to a first of all, what is free of dust and how did talk about? >> a little bit about everything. our renaissance gathering. we have a little bit of everything for everybody. we did a very wide group. we even have an investment conference. wealthy investors, concerned citizens. the focus on political and economic and financial freedom and a strong. we're beer every year with over 2,000 people at this event. ruling. next year will be moving to caesars palace. ethier next year will be, are we round? unthinkable be a good controversial topic. >> sponsored by the libertarian party? >> i hate labels.

and i give up and give my talk and tell them, st everyone is an individual. everyone is different points of view. with a white political levels. i guess libertarian would be the closest thing if you wanted to identify me in some sense. fininvest is not connected to it any political party. it's a for-profit corporation. we invite all the nonprofit think tanks here. americans for prosperity. some of those non-profit organizations. we don't compete in all. he pay a single price of $500 per person into have three wonderful days to bring in intellectual feast to of fun city to los vegas. >> what your background. >> i grew up in portland, oregon. i am an active mormon.

and when on a mission for the mormon church. a graduate from byu and worked for the cia. then i broke out into the financial world. since then says they got married , five children to move to the mamas for two years, save enough money to move to the london worry butterfly and in pen to 71 countries. my primary source of income is my investment news article forecast of strategies that have written since 1980, but i also have 1 foot in the academic world. everett number of books on economics, @booktv and business, columbia university in new york and now mercy college. i should also mention my wife does the income from festival,

so we have a film festival as well. a lot of things that we do and really enjoy it. >> what did you do for the cia? >> question. i was an economist on the brazil desk very much involved with commodities in the energy crisis in the 70's. the cia was just too bureaucratic for me. so i wanted to break out and do something more on gennaro. i get involved in the financial revolution, started being a managing editor of a news article, the inflation survival letters in the 1970's which is now called personal finance, a much more establishment name. my own newsletters forecast and strategies. seven robbery and was elected and it has been a great ride. i consider myself a survivor in many ways. i maintained my contacts and the cia because i think there are a good source for information.

we're a global economy, and the cia does everything. they've done research on virtually everything. >> we invited you want book tv to talk about the making of modern economics, the lives and ideas of right thinkers. >> cannot in 2001. it took me about five years to sit down and actually right. probably a lifetime of learning. and then the second edition came out in 2009 right after the financial crisis. we felt it needed to be updated after that event because my final chapter is dr. smith goes to washington, the triumph of free-market economics. of course there was a little premature considering what happened since 2008. we had to revise that.

>> how is this book organized? >> well, initially when i tried to do was create an alternative to robert popular book of world philosophers. i wish i had that title. it's the story of the great economic thinkers starting with adam smith and milton friedman. but his perspective, his favorite economist remarked one dublin, and canes, all very pro-government activist, statist from my perspective, i wanted a more balanced approach. saw want to highlight more of the free-market thinkers and what their role was. in fact, the heroic thinker in my book is adams that, the founder of modern economics i discovered by making him the

central character of my book and his team of his system of natural liberty which is what he called it in the wealth of nations, i was able to actually tell a story. this book is actually a story that has a plot, hal adams smith and his system of natural liberty are treated overtime, how they come under attack by the marxist, the dublins, the keynesian sense someone, but have they are resurrected, brought back to life and even improved upon by the other schools of economics, the austrian school, chicago school of economics, and friedman and so forth. it's really a unique -- i think have done something really unique. and make a real story with a heroic figure who triumphs in the end. a true american story.

the model i see as the ideal. >> who was ludwig? >> the premier austrian economist of the 20th-century. he taught initially at the university of vienna. he was jewish. city left turn or to permit him to america , and his economics became more popular never as popular as milton friedman, but certainly a heroic figure in my book. one of his students -- close associates won the nobel prize in economics in 1974. so he is an important character in my book. >> what does that mean? >> well, the austrian school is one of two major free-market schools of economics. the other school is the chicago

school the milton friedman and george stevens developed in the 60's. and this is a more hard core school that advocates the gold standard. very suspicious of intervention, the central banks, particularly the austrian business cycle is really important because they basically say the manipulation of interest rates by the federal reserve can only have disastrous effects. a boom bust cycle that is unsustainable or a boom that is unsustainable. so it did not surprise austrian economists that the real-estate boom could not last and have the macroeconomics facts. it. >> paul sleazy. >> i have of a big chapter on marks. a new dark age. the kind of know my views. each chapter has these -- by

chadic read these very clever titles. its militants paradise. paul was a marxist economist that taught at harvard university. an austrian economist, defended having in their started a monthly review, something like that. a publication to defend socialism and marxism. albert einstein wrote for the very first issue. it can avoid getting marilyn monroe to pose for the first issue of playboy. so he was a brilliant man a few years ago, kind of the representative of the marxist academic point of view. as i . out, they have similar views to the austrians in one

respect. both schools are very pessimistic about the future. in case of paul sleazy, the twilight of capitalism. it constantly rewriting that title. capitalism is about to collapse at any time. the austrians have the same thing. the bone, economic boom that we just cannot last. depression or what have you. i am a little bit more optimistic, more in the chicago school in that sense. milton friedman. can optimist and someone my. a much more than optimistic believer in our country. >> is there a contemporary milton friedman or liberal? >> well, that's a good question. certainly peter puts himself out

as a modern-day austrian. he is probably one of the more popular among but he is a finance guy, not really an academic. from the chicago school, of course, there would be gary becker, but he's getting up there in age. he must be 80 years of age. as far as young people that are coming out of some george mason university which is a hotbed of austrian economics and public choice economics. i'm not sure there is anyone really of that stature who is writing columns for the new york times and so forth. thomas told rights, would he is in his 80's. so it's hard to say. my book is one of the more popular textbooks now. so i teach and so forth.

i have been on the tv shows. maybe i'm playing a little bit of greuel. friedman always said that he stood on the shoulders of giants . isaac newton. and i feel the same way. i've benefited so much for all of these great economists who've come before me. >> you said you teach. where are you currently teaching? >> mercy college, teaching a program at sing sing penitentiary believe there not. i was teaching at columbia university. .. the best and brightest, what i'll tell you what, a maximum-security prison to all male. twenty-five students. they have an incredible thirst for knowledge. unbelievable how these men who have been in prison, committed serious crimes in their youth now, are trying to turn their lives around.

i have had students at sing sing who have read the entire text book before coming to class. i could say that about some of my students at columbia. i'm teaching. my wife teaches english lit. >> at sensing. >> at sing sing. it's a four year college degree program privately funded except for the presidents also there are no programs, and a federal estate money at all. we have a nonprofit, at some length that deals with that. my son, as a matter of fact, just made a film called 0% that will be on nationwide tv. describe the whole sense in education program. >> was that experience like? >> well, it is such an emotional , thrilling to more rewarding experience, both for my wife and i to teach these

young men and some of them older, people who have committed heinous crimes, murder, what have you. they see the error of their ways and turn things around. that education process as well as the minister program is extremely important. a major name of one sort. warren buffett was there a few years ago because his sister, as a matter of fact, is a major supporter of hudson, the nonprofit organization. the year to this graduation ceremony and it's just incredible. opening and closing prayers. the old bible or what have you. they always have a valedictorian get up representing the graduates. usually maybe 20, 30 students who are graduating in ssc it's

our best agree. and the valedictorian gets up and says, you know, i started off my parents own mother, the great hopes for me. then i got in the wrong crowd. i got into drugs are what have you. and then he says, and then i killed a man. and, i mean, even though you know they're in there for murder or what have you, it's still a shock to everybody. and then he describes how the educational and the ministry programs transformed his life and how they feel like they are new citizens. what's exciting about this program and getting that notoriety will my son was able to do this movie was because the 0% because something like 60 of the students have left since in democrats waited and left sing sing. to not a single one has returned

. the national recidivism rate of returning is over 60 percent. so, you know, this is a great, positive story. we hear all these stories about the criminal-justice system. here is one that's working, and it's all privately funded. i think it's a great libertarian story. >> do you stay in touch with any of your students that have gotten out of -- >> yes. as a matter of fact, there is an annual meeting with the donors as well as the people who -- the inmates in the first left. we get to see them and communicate with them and see what they're doing. they all have jobs. this is the exciting thing. in a market where jobs are scarce they all have jobs. i have a bachelor's degree,

graduated from college. most of these guys never regretted in high school. it's a great experience. the graduation ceremony, staying in touch with these people. my wife in particular is in the phone and talks a lot about how she teaches. it's -- you can tell from my enthusiasm about the program. it's great. >> to you have a follow-up to the making of modern economics? >> well, in terms of writing another book, i just completed a book called the maxims of wall street which is the first compilation of all the saints on wall street. cell and may go away. warren buffett like to. he's quoted more than anyone else, but i just finished that. i am working on the book, a little bit like david mccullough

it's all the events that took place internationally in the year 1776 from thomas paine's common-sense to the above the nation's, decline and fall the roman empire cannot in 1776. of course, the declaration of independence. books, articles, the first major steam engine came out in 1776. david hume who was the father of the philosopher of the enlightenment died in 1776. george washington crossing the delaware. there are a lot of things commanded such as george washington. i love writing books, teaching. hello during freedom fest. a great way to meet all these

authors and see what's happening in the world. >> we have been talking with founder of freedom fest. book tv is currently on location, the making of modern economics. the lives and that he is of great thinkers. thank you for being on book tv. >> thank you. >> tell us what you think about our program in this weekend. you could tweeted this @booktv. common on a facebook wall or send us an e-mail. book tv, nonfiction books every weekend on c-span2. >> your watching book tv on c-span2. here's our prime-time lineup for tonight. starting at 7:00 p.m. eastern, hysteria and the creation of the universe. then at 815, the experiences as a christian living in israel. 930 from the national book festival, an interview on her book elizabeth the queen.

at 10:00 p.m. eastern, which includes that's primetime programming with our weekly afterwards programming. this week oliver stone and peter kufic discussed their book the untold history of the united states with michael kazin. >> tonight i am going to us discuss abraham lincoln's role in the crisis of the union, 1860-61. more specifically will talk about however him again rejected any meaningful compromise. the country was gripped by a section of crisis because many southerners feared lincoln and his republican party. it was a north party and proudly so. it did not have a significant seven connection.

lincoln was elected without a single lessor although for many of the 15 / states and only four of the border states did he get any popular votes and then nearly a handful. for the first time in the nation's history there will be taking over the executive branch of the national government. the republican party was proudly in northern party, during its brief existence in the mid 1850's damage its rhetoric and assault of the south, and the south major social institution racial slavery. and their determination that is the republicans' determination to well the north into a unit that could win a national election without any southern support, the republicans repeatedly condemned the south as on progressive, undemocratic,

even unamerican. this party on the threshold of the presidency. those people who preach the gospel of the union, they took to the public platform in the newspaper columns to proclaim that the crisis of the south was at hand. the south had to act immediately to protect itself from the hatred of evil republicans have this was not the first time sectional crisis that gripped the country. several sharp sectional disputes prior 1860. each of these, each of the major ones have been settled by compromise. here are will point specifically to the four critical ones.

first, the constitutional convention in philadelphia. the crisis of 1820 which had to do with the admission of missouri as a slave state in the future of slavery in the louisiana purchase which was much more than the state of louisiana that cover almost all the territory. the missouri compromise. 1832 and 33, the nullification controversy between the state of south carolina and the federal government was also settled by compromise. finally, from late 1840's, the battle over the future of slavery and the territory one from mexico and as the mexican cession following the mexican war was settled by the compromise of 1850. and does he look at these four examples, precedent and tradition replace another such settlement to take place in 1860-61.

the chief issue between the republicans and the south involved slavery, but not slavery in the 15 states where it existed. almost all americans in 1860, republicans included cult believed that the constitution protected slavery in the states where it existed. the critical questions was slavery in the national territories. the territories and by the nation that have not yet become states. the great plains and rocky mountains, west of the rocky mountains to california. it did not include california because california, as you know, was already a state. the crescent -- the question was so critical because it had to do with the feature slavery and the

future of southern power in the nation. so there's demanded what they saw as their constitutional rights as american citizens to take their property, including slave property, and to territories and by the entire nation. in 1857 in the famous or infamous stretched out decision the united states supreme court affirmed the seven constitutional views. republicans, in contrast, said never. no matter the supreme court. republicans would allow no more slaves in any territory. abraham lincoln was elected in november of 1860. one month later the united states congress came into session. members of congress put forth various compromise proposals. a critical portion of all

dealing with the division of the territories, most often a proposal to extend some kind of dividing line westward beyond the louisiana purchase all the way to the border of california. nabil after this rather lengthy preface i'm going to get to my main topic, y linkedin rejected all meaningful compromise, which meant the territories. but they're must be one thing more. i am going to talk about three different men tonight. one of you, one of them all of you know his name, abraham lincoln and who he was and what he did. the other two are not so well known, but probably a number of you are familiar with and recline, the great kentucky statesman. probably fewer, william henry seward.

1860, a senior senator from new york state and prior to his nomination for the presidency was by far the most notable and well-known republican in the country. now, finally i'm ready to start. >> you can watch this and other programs online at booktv.org. with just days left in 2012, many publications are putting together their year in the list of notable books. book tv will feature several lists focusing on nonfiction selections. these titles are included in the san louis post-dispatch as best books of 2012. in the last three said courage and statesmanship in times of crisis -- a former senate staffer recount the successes of the united states senate during the 1960's and '70's. a neurologist oliver sacks examines the causes of